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Parker Hannifin Corporation, Cleveland, OH, completed its acquisition of ITR SpA, a subsidiary of the SAIAG Group, for Euro 77 million in cash (US $68 million). ITR is a leading Italian manufacturer of hose, fittings and rubber compounds for hydraulic, industrial and oil/gas applications.
ITR had sales of approximately Euro 165 million (US $147 million) in 2000, with seven production facilities in Italy, Brazil and China. Parker said ITR will become part of the company's fluid connectors business, and is expected to be accretive to earnings.
With annual sales exceeding $6 billion, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 45,000 people in 45 countries around the world.